Crown Resort opened in December last year, but it had to be taken off the market after irregularities were found in its governance by the regulator. This followed the suspension of its license by the Independent Liquor and Gaming Authority, also known as ILGA.
Upon investigation, it was allegedly found that the enterprise had dealings with organized crimes.
2022 Could Be The Year For Australia’s Crown
The year 2020 is gone, and the enterprise has announced that it plans to launch its gaming floor in early 2022. The launch would be executed while it works with the regulator to resolve its governance issues.
The launch of Crown is a part of the 75-floor tower complex.
Its leadership and board were nearly dismissed after the incident. Everything now seems to be on a good note and is all set to launch in early 2022.
The team that supervises the license of the enterprise, the New South Wales State Independent Liquor and Gaming Authority, issued a statement saying that Crown has made good progress with the regulator. It added that the two were working on getting it started in the new year.
Steve McCann, the new Chief Executive Officer of Crown Resort, stated that he firmly believed that the business had turned the corner and it had been de-risked to a significant level.
Crown was last found unfit to hold gambling licenses in Melbourne and Sydney in 2019. This was a result of media companies publishing their reports in which they had called for several changes in the board and culture of the enterprise.
After the announcement, the Crown’s share prices are up by 0.5%. They have touched the value of AUD 11.51. Experts believe that the price is completely in line with the broader market, even though it is below AUD 12.50, which is Blackstone’s indicative bid price.